When you say the LLC is taxed on ALL income, is this gross proceeds or after expenses ie: rent etc?
Also, should you maintain separate bank accounts for personal and the LLC?
Like most businesses, you are taxed on the net profit for the business (after expenses have been deducted). As an LLC, you are also required to maintain separate business bank accounts from personal accounts. I believe that your LLC status can be revoked if it is discovered that you have commingled business with personal funds. Be sure to check out our LLC tax guide:https://fitsmallbusiness.com/llc-taxes-tax-returns/.
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